An arrangement in Australia that eliminates the double taxation of dividends. Double taxation of dividends occurs when both a company and a shareholder pay tax on the same income. The company pays taxes on profits and subsequently distributes a dividend out of their after-tax profits. Shareholders must then pay tax on the dividend received. The tax imputations indicate to the government that the company issuing the dividend has already paid a portion of the tax due. The shareholder is able to reduce the tax paid on the dividend by the amount of the tax imputation credits.
A type of income that can disqualify an otherwise eligible taxpayer from receiving the earned income credit. Disqualifying income consists of both taxable and tax-free interest, dividends, net income from rents and royalties, net capital gains and net passive income not received as a result of self-employment. Taxpayers are only disqualified from receiving the earned income credit if they receive more than a certain amount, which is adjusted annually for inflation.
The amount of an individual's income that is left for spending, investing or saving after taxes and personal necessities (such as food, shelter, and clothing) have been paid. Discretionary income includes money spent on luxury items, vacations and non-essential goods and services. Discretionary income is derived from disposable income, which equals gross income minus taxes. Aggregate discretionary income levels for an economy will fluctuate over time, typically in line with business cycle activity. When economic output is strong (as measured by GDP or other gross measure), discretionary income levels tend to be high as well. If inflation occurs in the price of life's necessities, then discretionary income will fall, assuming that wages and taxes remain relatively constant. Discretionary spending is an important part of a healthy economy - people will only spend money on things like travel, movies and consumer electronics if they have the funds to do so. Some people will use credit cards to purchase discretionary goods, but increasing personal debt is not the same as having discretionary income.
To renounce an interest or obligation by way of a legal instrument - usually a written disclaimer, or a disclaiming trust. Property may be disclaimed for several reasons: because it is unwanted, because it carries heavy liabilities, because of tax reasons, or because the intended beneficiary wants to pass the property to another beneficiary. Liabilities, obligations, beneficial ownership, or rights may also be disclaimed. 1. When analyzing a company's proxy statement, it is common to read that a member of an executive's family owns a number of shares, but the executive disclaims beneficial ownership in the stock.2. In succession planning, a beneficiary may disclaim an inheritance, thus passing the inherited property to the contingent beneficiary and avoiding inheritance taxes, as well as any liabilities that may come with the property.
Any form of tax or tariff that is rebated to the payor. This type of rebate is awarded to importers and exporters who paid tax on goods imported into their home country, and then exported those goods after they arrived. Drawbacks allow importers to temporarily store or use their goods in the U.S. without paying a non-refundable tax. The goods that are exported do not have to be in the same form as when they were imported. For example, if raw materials were imported and used to manufacture another good, then the drawback will be paid if the manufactured goods are exported.
A tax law that causes the same earnings to be subjected to taxation twice. A company's income is taxed initially and then the shareholders and investors are taxed on the distributions they receive from the company. In some countries, dividends are double taxed.
A taxation principle referring to income taxes that are paid twice on the same source of earned income.Double taxation occurs because corporations are considered separate legal entities from their shareholders. As such, corporations pay taxes on their annual earnings, just as individuals do. When corporations pay out dividends to shareholders, those dividend payments incur income-tax liabilities for the shareholders who receive them, even though the earnings that provided the cash to pay the dividends were already taxed at the corporate level. The concept of double taxation on dividends paid to shareholders has prompted significant debate. While some argue that taxing dividends received by shareholders is an unfair double taxation of income (because it was already taxed at the corporate level), others contend that this tax structure is fair.Proponents of keeping the "double taxation" on dividends point out that without taxes on dividends, wealthy individuals could enjoy a good living off the dividends they received from owning large amounts of common stock, yet pay essentially zero taxes on their personal income. As well, supporters of dividend taxation point out that dividend payments are voluntary actions by companies and, as such, they are not required to have their income "double taxed" unless they choose to make dividend payments to shareholders.
A type of tax credit available to students of a post-secondary educational institution, such as a college or university. Education credits may be claimed by those who incur qualifying educational expenses, such as tuition and fees. Parents who pay these expenses for their children may be able to claim this type of credit on their tax returns, subject to certain income restrictions. There are two types of education credits, the Hope Credit and the Lifetime Learning Credit. The Hope Credit applies to first and second year postsecondary students, with certain restrictions. The Lifetime Learning Credit applies to all students at the undergraduate or graduate level. You cannot claim both the Hope and Lifetime Learning Credits for the same student in the same year.
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